{"id":33241,"date":"2020-02-18T16:52:14","date_gmt":"2020-02-18T21:52:14","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=33241"},"modified":"2020-09-04T11:42:04","modified_gmt":"2020-09-04T15:42:04","slug":"getting-paid-in-a-different-currency-stop-using-banks","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/getting-paid-in-a-different-currency-stop-using-banks\/","title":{"rendered":"Getting Paid In A Different Currency – Stop Using Banks!"},"content":{"rendered":"
Being an expat and working overseas usually means getting paid in a different currency to the one you\u2019re living in. In fact, this is probably the case even if you\u2019re in your native country \u2014 freelancing and remote work usually pays better when leveraging the global market.\u00a0Flying somewhere cheap<\/a>\u00a0and getting Central European or North American clients is “digital nomading” 101.<\/p>\n It\u2019s no good to waste 5% of your monthly revenue on currency spread and transfer fees. Your annual returns from your portfolio investments could literally be canceled out because of naivety or complacency around exchanging money.<\/p>\n There are some different ways to handle and organize multi-currency income and such, but the main thrust of this argument is to\u00a0stop using high street banks<\/b>.<\/p>\n When exchanging your money via your traditional bank account, the bank will typically take around 3% to 5% in currency spread. This means you\u2019re getting fewer Euros for your Dollars, for example. On top of this, banks will often charge a fee of around 25 EUR\/USD.<\/p>\n Many expats will be tricked into thinking that they\u2019re getting a good deal because they\u2019re avoiding the flat fees, but they\u2019re also\u00a0receiving a terrible exchange rate. This would have been understandable 15 years ago because banks were convenient. Now? Banks process these payments even slower than the fintech substitutes.<\/p>\nThe Rate You Get From Banks<\/strong><\/h2>\n
Alternatives<\/strong><\/h2>\n